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Accounting For Manager MCQ

Accounting For Manager MCQMBA Corner

Every type of communication is affected by its :

by Mr. DJ
written by Mr. DJ

 Every type of communication is affected by its :

(1) Reception       (2) Transmission         (3) Non-regulation         4) Context

Answer: (4)

 

 Every type of communication is affected by its :

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CO-OPERATIVE THEORY AND PRACTICE MCQ
Accounting For Manager MCQ

( Best 150+ ) Accounting for Management MCQ

by Mr. DJ
written by Mr. DJ

Accounting for Management MCQ

Given below are Accounting for Management MCQ with answers. These MCQs are equally useful for managerial accounting, accounting for managers & accounting for management subject. This is also useful to explore subtopics like Financial Statements, Budgeting, cost accounting, marginal costing, corporate accounting etc.

Accounting for Management MCQ

MBA, BBA, B Com, M Com, MMS, PGDBM, PGDM, BA, MA and CA students can use these multiple choice questions for university exams. These solved MA MCQ sets are also helpful for entrance exams like UPSC, UGC NET, SET, MPSC etc.

Accounting for Management MCQ

1. …………….is concerned with recording transactions and preparing financial
reports for the external and internal users of accounting.

A. management accounting

B. financial accounting

C. cost accounting

D. all of these

Answer:-

B. financial accounting

2. The Branch of accounting concerned with collection, determining and
controlling cost of products and services is called………………

A. management accounting

B. financial accounting

C. cost accounting

D. all of these

Answer:-

C. cost accounting

3. ……………is concerned with providing information to management for taking
managerial decisions.

A. management accounting

B. financial accounting

C. cost accounting

D. all of these

Answer:-

A. management accounting

4. The father of Double Entry system is………………

A. luca pacioli

B. lopus patricia

C. lukas christian

D. none of these

Answer:-

A. luca pacioli

5. ……………….is the art of recording, classifying and summarizing in a
significant manner and in terms of money, transactions and events, which are in part, at least of financial character and interpreting the results there of.

A. management accounting

B. accounting

C. cost accounting

D. all of these

Answer:-

B. accounting

Also Read :-

  1. Marketing Management MCQs
  2.  Digital Business Management MCQs
  3.  Cost Accounting MCQs
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6. Which among the following do not belong to the category of Accounting ?

A. management accounting

B. financial accounting

C. cost accounting

D. none of these

Answer:-

D. none of these

7. The objective of financial accounting is to find out…………………..

A. profitability and financial position

B. liquidity

C. solvency

D. none

Answer:-

A. profitability and financial position

8. ……………….journal is used to record credit sale of goods

A. sales journal

B. cash book

C. purchase journal

D. none of these

Answer:-

A. sales journal

9. The ………….Management is mainly concerned with the policy decisions.

A. top

B. middle

C. bottom

D. all of these

Answer:-

A. top

10. The Prime function of accounting is to ………………………..

A. record economic data

B. provide the informational basis for action

C. classify and record business transactions

D. attain non economic goals

Answer:-

C. classify and record business transactionsAlso Read :-

  1. Marketing Management MCQs
  2.  Digital Business Management MCQs
  3.  Cost Accounting MCQs
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( Best 100+ ) Management Accounting MCQ
AccountingAccounting For Manager MCQMBA Corner

( Best 100+ ) Management Accounting MCQ

by Mr. DJ
written by Mr. DJ

( Best 100+ ) Management Accounting MCQ

Management accounting helps managers within a company make decisions. Also known as cost accounting, management accounting is the process of identifying, analyzing, interpreting and communicating information to managers to help achieve business goals.

( Best 100+ ) Management Accounting MCQ

What do you mean by management accounting?

Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization’s goals.

What is the main purpose of management accounting?

The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions.

  1. Management accounting assists the management
  • Only in control
  • Only in direction
  • Only in planning
  • In planning, direction and control
  1. The term management accounting was first coined in
  • 1960
  • 1950
  • 1945
  • 1955
  1. Management accounting deals with
  • Quantitative information
  • Qualitative information
  • Both a and b
  • None of the above
  1. Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use?
  • Financial accounting
  • Tax accounting
  • Management accounting
  • Inflation accounting
  1. I nterpretation of accounts is the
  • Art and science of translating the figures
  • To know financial strengths and weaknesses of a business
  • To know the causes for the prevailing performance of business
  • All of the above
  1. The term current asset doesn’t cover _______.
  • Car
  • Debtors
  • Stock
  • Prepaid expenses
  1. Amount spent on an advertisement campaign, the benefit of which is likely to last for three years is a
  • Capital expenditure
  • Revenue expenditure
  • Deferred revenue expenditure
  • None of the above
  1. The use of management accounting is
  • Optional
  • Compulsory
  • Legally obligatory
  • Compulsory to some and optional to others
  1. Accounting is concerned with
  • Monetary transactions
  • Non-monetary transactions
  • Monetary and non-monetary transactions
  • None of the above
  1. Which of the following accounting equation is correct?
  • Capital + Liabilities= Assets
  • Capital = Assets + Liabilities
  • Capital- Liabilities = Assets
  • Capital + Assets = Liabilities

Read More Updates About MCQ

  1. Cost Accounting MCQ ( Best 200+ )
  2. Principles of Management MCQ ( Best 170+ MCQs ) Questions and Answers
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AccountingAccounting For Manager MCQMBA Corner

Cost Accounting MCQ ( Best 200+ )

by Mr. DJ
written by Mr. DJ

Cost Accounting MCQ

What Is Cost Accounting?

Cost accounting is a method of managerial accounting which aims to capture the total production cost of a business by measuring the variable costs of each production phase as well as fixed costs, such as a lease expense.

Examples include rent, depreciation, interest on loans and lease expenses. Direct, indirect, fixed, and variable are the 4 main kinds of cost. In addition to this, you might also want to look into operating costs, opportunity costs, sunk costs, and controllable costs. Best Management Accounting MCQs. 

Cost Accounting MCQ

1. Cost accounting mainly helps the management in
a) Earning profit
b) Providing information to management
c) Fixing prices of the products
d) All of the above

Answer:- b
2. Cost accounting provides all of the following information except
a) Product cost
b) Cost of goods sold
c) Inventory values
d) Cash forecasts

Answer:- d
3. Which of the following is cost – behavior oriented approach to
product costing
a) Absorption cost
b) Process costing
c) Marginal costing.
d) Job – order costing

Answer:- b
4. An item of cost that is direct for one business may be ……….for another business.
a) Direct
b) Indirect
c) Variable
d) Fixed

Answer:- b
5. The total of all direct expense is known as ……………… cost
a) Prime cost
b) Factory cost
c) Selling cost
d) Cost of products

Answer:- a
6. …………… costs are partly fixed and partly variable in relation to
Output
a) Variable
b) Fixed
c) Semi – variable
d) Marginal

Answer:- c
7. An opportunity cost is ……………………
a) The advantage foregone
b) Additional income
c) Cost incurred in post
d) Cost for replacement

Answer:- a
8. An opportunity cost does not involve
a) Incomes
b) Expenses
c) Cash outlays
d) Losses

Answer:- c
9. Total variable cost change ……….. With change in output
a) Constantly
b) Not proportionately
c) Proportionately

Answer:- c
10. Fixed cost per unit …………. With increase in output
a) Increases
b) Not –increase
c) Reduces
d) Not decrease

Answer:- c

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Accounting For Manager MCQ

( Best ) Managerial Accounting MCQ Set-20

by Mr. DJ
written by Mr. DJ

Managerial Accounting MCQ Set-20

How Managerial Accounting Works

Managerial accounting encompasses many facets of accounting aimed at improving the quality of information delivered to management about business operation metrics. Managerial accountants use information relating to the cost and sales revenue of goods and services generated by the company. Cost accounting is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by assessing the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

Managerial Accounting MCQ Set-20

  1. Given figures showing: Sales £8,200; Opening stock £1,300; Closing stock £900; Purchases £6,400; Carriage inwards £200, the cost of goods sold figure is:
  1. Another figure
  2. £6,200
  3. £6,800
  4. £7,000

Correct answer: (D)
£7,000

  1. When Lee makes out a cheque for £50 and sends it to Young, then Lee is known as:
  1. The payee
  2. The banker
  3. The drawer
  4. The creditor

Correct answer: (C)
The drawer

  1. ‘Posting’ the transactions in bookkeeping means:
  1. Making the second entry of a double entry transaction
  2. Entering items in a cash book
  3. Making the first entry of a double entry transaction
  4. Something other than the above

Correct answer: (A)
Making the second entry of a double entry transaction

  1. Given a purchases invoice showing 5 items of £80 each, less trade discount of 25 per cent and cash discount of 5 per cent, if paid within the credit period, your cheque would be made out for:
  1. £260
  2. £280
  3. £285
  4. None of these

Correct answer: (C)
£285

  1. We originally sold 25 items at £12 each, less 331/3 per cent trade discount. Our customer now returns 4 of them to us. What is the amount of credit note to be issued?
  1. £36
  2. £30
  3. £32
  4. £48

Correct answer: (C)
£32

  1. At the balance sheet date the balance on the Accumulated Provision for Depreciation Account is:
  1. Transferred to Depreciation Account
  2. Transferred to the Asset Account
  3. Transferred to Profit and Loss Account
  4. Simply deducted from the asset in the Balance Sheet

Correct answer: (D)
Simply deducted from the asset in the Balance Sheet

  1. A credit balance brought down on a Rent Account means:
  1. We have paid too little in rent
  2. We have paid too much rent
  3. We owe that rent at that date
  4. We have paid that rent in advance at that date

Correct answer: (C)
We owe that rent at that date

  1. Which of the following are not true? A Bank Reconciliation Statement is
  1. (i) Part of the double entry system
  2. (ii) Not part of the double entry system
  3. (iii) Sent by the firm to the bank
  4. (iv) Posted to the ledger accounts.
  1. (i), (ii) and (iv)
  2. (i), (iii) and (iv)
  3. (i) and (ii)
  4. (ii), (iii) and (iv)

Correct answer: (B)
(i), (iii) and (iv)

  1. Which of the following do not affect trial balance agreement?
  1. (i) Sales £105 to A Henry entered in P Henry’s account
  2. (ii) Cheque payment of £134 for Motor expenses entered only in Cash Book
  3. (iii) Purchases £440 from C Browne entered in both accounts as £404
  4. (iv) Wages account added up incorrectly, being totaled £10 too much.
  1. (i) and (iii)
  2. (ii) and (iii)
  3. (i) and (iv)
  4. (iii) and (iv)

Correct answer: (A)
(i) and (iii)

  1. What should happen if the balance on a Suspense Account is of a material amount?
  1. Write it off to Profit and Loss Account
  2. Should be written off to the balance sheet
  3. Carry forward the balance to the next period
  4. Find the error(s) before publishing the final accounts

Correct answer: (D)
Find the error(s) before publishing the final accounts

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Accounting For Manager MCQ

( Best ) Managerial Accounting MCQ Set-19

by Mr. DJ
written by Mr. DJ

Managerial Accounting MCQ Set-19

How Managerial Accounting Works

Managerial accounting encompasses many facets of accounting aimed at improving the quality of information delivered to management about business operation metrics. Managerial accountants use information relating to the cost and sales revenue of goods and services generated by the company. Cost accounting is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by assessing the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

Managerial Accounting MCQ Set-19

  1. If you want to deposit money into bank, what will be yours choice?
  1. Compounding annually
  2. Compounding Semi-annually
  3. Compounding monthly
  4. Compounding daily

Correct answer: (D)
Compounding daily

  1. Interest paid (earned) on both the original principal borrowed (lent) and previous interest allowed (earned) is often referred to as ______________.
  1. Compound interest
  2. Double interest
  3. Simple interest
  4. Present value

Correct answer: (A)
Compound interest

  1. Which of the following is the activity which finance people are involved
  1. Investing decisions
  2. Marketing decisions
  3. Promotion decisions
  4. Non of Above

Correct answer: (A)
Investing decisions

  1. The Bailey Brothers want to issue 20-year, zero coupon bonds that yield 9 percent. What price should it charge for these bonds if the face value is $1,000?
  1. $ 157.25
  2. $ 163.70
  3. $ 178.43
  4. $ 194.49

Correct answer: (C)
$ 178.43

  1. When bonds are issued, under which of the following category the value of the bond appears?
  1. Equity
  2. Fixed assets
  3. Short term loan
  4. Long term loan

Correct answer: (D)
Long term loan

  1. What type of long-term financing most likely has the following features: (1) it has an infinite and finite life (2) it pays dividends, and (3) its cash flows are expected to be a constant annuity stream.
  1. Long-term debt
  2. Preferred stock
  3. Common stock
  4. None of the given option

Correct answer: (B)
Preferred stock

  1. PV of lump sum is simply termed as current value ofor
  1. Present payment
  2. Future payment
  3. Annuity payment
  4. Discount payment

Correct answer: (B)
Future payment

  1. ______________ Ratios are used to measure a firm’s ability to meet short-term obligations.mpor
  1. Asset management ratios
  2. Debt management ratios
  3. Liquidity ratios
  4. Equity ratios

Correct answer: (C)
Liquidity ratios

  1. Creditors turnover ratios comes under the category of
  1. Activity ratios
  2. Asset management ratios
  3. All of the above
  4. None of the above

Correct answer: (C)
All of the above

  1. Dividend is approved by the shareholder in the ______________ at the recommendation of the directors.
  1. Annual general meeting
  2. Director meeting
  3. Statutory meeting
  4. Special meeting

Correct answer: (A)
Annual general meeting

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MCQ Questions on Indifference Curve
Accounting For Manager MCQ

( Best ) MCQ Questions on Indifference Curve

by Mr. DJ
written by Mr. DJ

MCQ Questions on Indifference Curve

MCQ Questions on Indifference Curve

MCQ Questions on Indifference Curve

1. Moving along an indifference curve the
(a) Consumers prefer some of the consumption points to others.
(b) Marginal rate of substitution for a good increases as more of the good is consumed.
(c) Marginal rate of substitution is constant.
(d) Consumers do not prefer one consumption point to another.

Answer: (d)

2.The slope indifference curve is equal to:
(a) One
(b) Marginal utility
(c) Marginal rate of substitution
(d) None of these

Answer: (c)

3. Why is the indifference curve convex to origin?
(a) Due to continuous decline of marginal rate of substitution
(b) Due to law of diminishing marginal utility
(c) Due to monotonic preferences
(d) Both a and b

Answer: (a)

4.Which of the following is not the property of indifference curve:
(a) Higher the indifference curves higher the level of satisfaction
(b) Indifference curve is downward sloping
(c) Indifference curve is concave to origin
(d) Two indifference curves cannot intersect each other

Answer: (c)

5.Hicks and Allen believed that utility:
(a) Can be measured in cardinal numbers
(b) Can be measured in ordinal numbers
(c) Cannot be measured
(d) Cannot be expressed

Answer: (b)

6. As we move down the indifference curve left to right, the slope of indifference curve tends to:
(a) Unity
(b) Zero
(c) Decline
(d) Rise

Answer: (c)

7. In indifference map, higher IC indicates:
(a) Lower level of satisfaction
(b) Higher level of satisfaction
(c) Same level of satisfaction
(d) Either higher or same level of satisfaction

Answer: (b)

8. Two indifference curves cannot cut each other because:
(a) They represent those combinations of two goods that give the same satisfaction
(b) They slope downwards.
(c) Each indifference curve represents a different level of satisfaction
(d) They are convex to origin

Answer: (c)

9. An indifference curve is related to:
(a) Choices and preferences of consumer
(b) Prices of goods X and Y
(c) Consumer’s income
(d) Total utility from goods X and Y

Answer: (c)

10. An Indifference curve slope down towards right since more of one commodity and less of another result in:
(a) Decreasing expenditure
(b) Maximum satisfaction
(c) Greater satisfaction
(d) Same satisfaction

Answer: (d)

 

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Accounting For Manager MCQ

( Best ) Managerial Accounting MCQ Set-18

by Mr. DJ
written by Mr. DJ

Managerial Accounting MCQ Set-18

How Managerial Accounting Works

Managerial accounting encompasses many facets of accounting aimed at improving the quality of information delivered to management about business operation metrics. Managerial accountants use information relating to the cost and sales revenue of goods and services generated by the company. Cost accounting is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by assessing the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

Managerial Accounting MCQ Set-17

Managerial Accounting MCQ Set-18

  1. The Future Value (FV) of $1000 in 5 years at 5% interest rate will be:
  1. $1,000.00
  2. $1,276.28
  3. $999.99
  4. $1,500.52

Correct answer: (B)
$1,276.28

  1. Which of the following is an advantage of a corporation that is NOT an advantage as in a partnership?
  1. Limited liability
  2. Capital shortage
  3. Single taxation
  4. All of the above

Correct answer: (A)
Limited liability

  1. You wish to earn a return of 13% on each of two stocks, X and Y. Stock X is expected to pay a dividend of Rs. 3 in the upcoming year while Stock Y is expected to pay a dividend of Rs. 4 in the upcoming year. The expected growth rate of dividends for both stocks is 7%. The intrinsic value of stock X:
  1. Will be greater than the intrinsic value of stock Y
  2. Will be the same as the intrinsic value of stock Y
  3. Will be less than the intrinsic value of stock Y
  4. Cannot be calculated without knowing the market rate of return

Correct answer: (C)
Will be less than the intrinsic value of stock Y

  1. Financial leverage means
  1. Use of more debt capital to increase profit
  2. High degree of solvency
  3. Low bank finance
  4. None of the above

Correct answer: (A)
Use of more debt capital to increase profit

  1. A capital budgeting technique that is NOT considered as discounted cash flow method is:
  1. Payback period
  2. Internal rate of return
  3. Net present value
  4. Profitability index

Correct answer: (A)
Payback period

  1. The coupon is the
  1. Amount of discount received when a Bond is purchased
  2. Amount paid to a Bond dealer when a Bond is purchased
  3. Difference between the Bid and Ask Price
  4. Stated Interest Payment on a Bond

Correct answer: (D)
Stated Interest Payment on a Bond

  1. You wish to earn a return of 10% on each of two stocks, C and D. Each of the stocks is expected to pay a dividend of Rs2 in the upcoming year. The expected growth rate of dividends is 9% for stock C and nine percent for stock D. The intrinsic value of stock C ______________.
  1. Will be the same as the intrinsic value of stock D
  2. Will be less than the intrinsic value of stock D
  3. Cannot be calculated without knowing the rate of return on the market portfolio
  4. None of the above is a correct statement

Correct answer: (A)
Will be the same as the intrinsic value of stock D

  1. Which of following is (are) Direct Claim Security?
  1. Bonds
  2. Option
  3. Shares
  4. a and c

Correct answer: (D)
a and c

  1. The ______________ is defined as the present value of all cash proceeds to the investor in the stock.
  1. Dividend payout ratio
  2. Intrinsic value
  3. Market capitalization rate
  4. Plowback ratio

Correct answer: (B)
Intrinsic value

  1. Break even analysis is also called
  1. Contribution Margin
  2. Unit sales
  3. Cost-Volume-Profit analysis
  4. None of the above

Correct answer: (C)
Cost-Volume-Profit analysis

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Accounting For Manager MCQ

( Best ) Managerial Accounting MCQ Set-17

by Mr. DJ
written by Mr. DJ

Managerial Accounting MCQ Set-17

How Managerial Accounting Works

Managerial accounting encompasses many facets of accounting aimed at improving the quality of information delivered to management about business operation metrics. Managerial accountants use information relating to the cost and sales revenue of goods and services generated by the company. Cost accounting is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by assessing the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

Managerial Accounting MCQ Set-17

Managerial Accounting MCQ Set-17

  1. Financial account state the ______________ position of a concern.
  1. Financial
  2. Economic
  3. Non financial
  4. None of these

Correct answer: (A)
Financial

  1. Which group of ratios relates profits to sales and investment?
  1. Liquidity ratios
  2. Debt ratios
  3. Coverage ratios
  4. Profitability ratios

Correct answer: (D)
Profitability ratios

  1. Process that involves decision making with respect to investment in fixed asset
  1. Valuation
  2. Breakeven analysis
  3. Capital budgeting
  4. Material management decision

Correct answer: (C)
Capital budgeting

  1. When a Bond’s Yield to Maturity is greater than the Bond’s Coupon Rate, the Bond
  1. Is selling at a Premium
  2. Has reached its Maturity Date
  3. Is priced at Par
  4. Is selling at a Discount

Correct answer: (D)
Is selling at a Discount

  1. The ______________ is a common term for the market consensus value of the required return on a stock.
  1. Dividend payout ratio
  2. Intrinsic value
  3. Market capitalization rate
  4. Plowback rate

Correct answer: (C)
Market capitalization rate

  1. Current ratio is 2:5.Current Liability is Rs.30,000.The Net working Capital is
  1. Rs. 18,000
  2. Rs. 45,000
  3. Rs. (45,000)
  4. Rs. (18000)

Correct answer: (D)
Rs. (18000)

  1. ______________ means expanding the number of investments which cover different kinds of stocks.
  1. Diversification
  2. Standard deviation
  3. Variance
  4. Covariance

Correct answer: (A)
Diversification

  1. What is the value of a $1,000 Face Value Bond that has twenty years remaining to Maturity, 10 % Coupon (paid annually), and is priced to yield 6%?
  1. $ 980
  2. $ 1,000
  3. 1,263
  4. None

Correct answer: (D)
None

  1. One of the problems with attempting to forecast stock market values is that
  1. There are no variables that seem to predict market return
  2. The earnings multiplier approach can only be used at the firm level
  3. The level of uncertainty surrounding the forecast will always be quite high
  4. Dividend payout ratios are highly variable

Correct answer: (C)
The level of uncertainty surrounding the forecast will always be quite high

  1. Which of the following is a characteristic of a coupon bond?
  1. Pays interest on a regular basis (typically every six months)
  2. Does not pay interest on a regular basis but pays a lump sum at maturity
  3. Total payment must be made at the end of period
  4. All of above statement are correct

Correct answer: (A)
Pays interest on a regular basis (typically every six months)

  1. When the market’s Required Rate of Return for a particular Bond is much less than its Coupon Rate, the Bond is selling at
  1. Premium
  2. Discount
  3. Par
  4. Face

Correct answer: (A)
Premium

  1. ______________ is responsible for financial inventory, management, financial planning etc.
  1. Shareholders
  2. Treasurer
  3. Controller
  4. Board of Directors

Correct answer: (B)
Treasurer

  1. Which group of ratios measures a firm’s ability to meet short-term obligations?
  1. Liquidity ratios
  2. Debt ratios
  3. Coverage ratios
  4. Profitability ratios

Correct answer: (A)
Liquidity ratios

  1. Which one of following is not Direct Claim Security?
  1. Bonds
  2. Option
  3. Shares
  4. Stock

Correct answer: (B)
Option

  1. ABC’s and XYZ’s debt-to-total assets ratio is 0.4. What is its debt-to-equity ratio?
  1. 0 .2
  2. 0 .77
  3. 0.667
  4. 0.333

Correct answer: (C)
0.667

KEY TAKEAWAYS Managerial Accounting MCQ set-17

  • Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions.
  • Techniques used by managerial accountants are not dictated by accounting standards, unlike financial accounting.
  • The presentation of managerial accounting data can be modified to meet the specific needs of its end-user.
  • Managerial accounting encompasses many facets of accounting, including product costing, budgeting, forecasting, and various financial analysis.

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Accounting For Manager MCQ

( Best ) Managerial Accounting MCQ Set-16

by Mr. DJ
written by Mr. DJ

Managerial Accounting MCQ Set-16

How Managerial Accounting Works

Managerial accounting encompasses many facets of accounting aimed at improving the quality of information delivered to management about business operation metrics. Managerial accountants use information relating to the cost and sales revenue of goods and services generated by the company. Cost accounting is a large subset of managerial accounting that specifically focuses on capturing a company’s total costs of production by assessing the variable costs of each step of production, as well as fixed costs. It allows businesses to identify and reduce unnecessary spending and maximize profits.

Managerial Accounting MCQ Set-16

Managerial Accounting MCQ Set-16

  1. Retained earnings statement depicts:
  1. Appropriation of profits
  2. Estimates of profits
  3. Estimates of costs

Correct answer: (A)
Appropriation of profits

  1. Financial accounting deals with:
  1. Determination of cost
  2. Determination of profit
  3. Determination of price
  4. Determination of selling price

Correct answer: (B)
Determination of profit

  1. Financial account record only
  1. Actual figures
  2. Budgeted figures
  3. Standard figures
  4. Management Figure

Correct answer: (A)
Actual figures

  1. Content of income statement
  1. Trading account
  2. Profit and loss account
  3. Balance sheet
  4. All of the above

Correct answer: (D)
All of the above

  1. Depreciation is a ______________
  1. Cash operating expenditure
  2. Non cash operating expenditure
  3. Cash non-operating expenditure
  4. Non cash non-operating expenditure

Correct answer: (B)
Non cash operating expenditure

  1. Outstanding salary account is a ______________ account
  1. Nominal account
  2. Real Account
  3. Artificial person’s account
  4. Representative personal account

Correct answer: (D)
Representative personal account

  1. The work of factory employees that can be physically associated with converting raw material into finished goods is classified as ––
  1. Manufacturing overhead
  2. Indirect materials
  3. Indirect labour
  4. Direct labour

Correct answer: (D)
Direct labour

  1. Aggregate of prime cost and Factory overhead is known as:
  1. Work on cost
  2. Work Cost
  3. Cost of Production
  4. Direct Cost

Correct answer: (B)
Work Cost

  1. Conversion cost includes cost of onverting ______________ into ______________
  1. Raw material, WIP
  2. Raw material, Finished goods
  3. WIP, Finished goods
  4. Finished goods, Saleable goods

Correct answer: (B)
Raw material, Finished goods

  1. All costs other than direct materials cost, direct labour cost and direct expenses are known as:
  1. Indirect material cost
  2. Overhead
  3. Indirect labour cost
  4. Indirect expenses

Correct answer: (B)
Overhead

  1. ______________ is a summary of all transactions relating to particular account.
  1. Balance sheet
  2. Trial Balance
  3. Ledger
  4. Journal

Correct answer: (C)
Ledger

  1. Amount of salary paid to Suresh should be debited to ______________
  1. Account of Suresh
  2. Salaries account
  3. Cash account
  4. Outstanding expenses

Correct answer: (B)
Salaries account

  1. Modern Method of Accounting was introduced by
  1. M. S. Gosav
  2. Wheldon
  3. LucoPacioli
  4. R. N. Carter

Correct answer: (C)
LucoPacioli

  1. If a company has contingent liabilities, they appear in the ______________
  1. Balance Sheet
  2. Director’s Report
  3. Foot note down the balance sheet
  4. Chairman’s report

Correct answer: (A)
Balance Sheet

  1. The use of management accounting is
  1. Compulsory
  2. Optional
  3. Obligation
  4. Statutory requirement

Correct answer: B)
Optional

KEY TAKEAWAYS Managerial Accounting MCQ set-16

  • Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions.
  • Techniques used by managerial accountants are not dictated by accounting standards, unlike financial accounting.
  • The presentation of managerial accounting data can be modified to meet the specific needs of its end-user.
  • Managerial accounting encompasses many facets of accounting, including product costing, budgeting, forecasting, and various financial analysis.

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